News

Egypt’s Foreign Currency Reserves Rise to $US 26.3 Billion

Egypt’s Foreign Currency Reserves Rise to $US 26.3 Billion

Stock photograph

Egypt’s net foreign currency reserves continue to rise, reaching $US 26.363 billion at the end of January, announced the Central Bank of Egypt (CBE) over the weekend.

According to CBE, Egypt’s foreign reserves increased by more than $US 2 billion. At the end of December, the reserves stood at $US 24.265 billion.

The continued increase comes after the International Monetary Fund (IMF) sent Egypt the first $US 2.75 billion of a $US 12 billion loan.

After being granted the loan, Egypt floated the currency per the IMF’s recommendations.

Since the currency was floated, the EGP has reached a high of EGP 19.00 per USD 1.00 and continues to fluctuate.

Egypt’s foreign exchange reserves prior to the 2011 revolution amounted to around USD 36 billion, before the country entered a period of political and economic turmoil that negatively impacted tourism and foreign investments.

Egypt Hails Trump Criticism of Western Media Coverage of Terrorist Attacks
Egypt Military Kills 14 Terrorists in Central Sinai

Subscribe to our newsletter


News

More in News

Three Egyptian Women Join L’Oréal-UNESCO For Women in Science Fellowship Program

Nour EltiganiNovember 20, 2018

Egyptian MP Drafts New Law to Regulate Outdoor Advertising

Nour EltiganiNovember 19, 2018

Naguib Mahfouz’s Newly Discovered Stories to be Published This December

Mirna AbdulaalNovember 19, 2018

Egypt’s Unemployment Rate Down to 10 Percent in Q3 of 2018

Egyptian StreetsNovember 16, 2018

Egypt ‘Appreciates’ and ‘Trusts’ Final Saudi Investigation into Khashoggi Killing

Egyptian StreetsNovember 16, 2018

Archaeological Mission Unearths Ancient Pregnant Woman Burial

Egyptian StreetsNovember 14, 2018

Egyptian MP to Submit Bill Omitting Religion from National IDs to Parliament

Egyptian StreetsNovember 12, 2018

British Parliament Encourages Lifting the Travel Ban Imposed on Sharm El Sheikh

Nour EltiganiNovember 11, 2018
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2017 Egyptian Streets. All Rights Reserved.